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David Abrams Abrams Capital Management

AUM $5.48B
1-Year Est. Return 3.63%
 

David Abrams is the founder of Abrams Capital Management, a Boston-based firm with a flexible value-oriented mandate. A former Baupost Group investor, he is known for concentrated positions and a willingness to hold cash or unconventional securities when public equities are unattractive. Abrams Capital’s filings are followed for high-conviction ideas across equities and special situations.

This Fund
S&P 500
This Quarter Est. Return
+8.68%
1 Year Est. Return
+3.63%
3 Year Est. Return
+81.6%
5 Year Est. Return
+124.91%
10 Year Est. Return
+488.27%
AUM
$1.28B
AUM Growth
-$451M
Cap. Flow
-$562M
Cap. Flow %
-43.96%
Top 10 Hldgs %
99.91%
Holding
15
New
–
Increased
1
Reduced
5
Closed
4

Top Buys

Rank Stock Value
1
CST
CST Brands, Inc.
CST
+$31.3M

Top Sells

Rank Stock Value
1
DELL
DELL INC
DELL
+$200M
2
SLM icon
SLM Corp
SLM
+$124M
3
TEVA icon
Teva Pharmaceuticals
TEVA
+$100M
4
AIZ icon
Assurant
AIZ
+$76.4M
5
BMC
BMC SOFTWARE, INC
BMC
+$55.5M

Sector Composition

Rank Sector Weight
1 Financials 63.21%
2 Industrials 22.44%
3 Consumer Discretionary 7%
4 Communication Services 2.15%
5 Healthcare 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WU icon
1
Western Union
WU
$2.28B
$324M 25.35%
17,362,477
– –
SLM icon
2
SLM Corp
SLM
$4.97B
$253M 19.81%
28,444,216
-14,222,105
-33% -$124M
AIG icon
3
American International
AIG
$39.8B
$231M 18.06%
4,745,040
– –
WAIR
4
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
$182M 14.22%
8,684,212
-341,123
-4% -$6.72M
CST
5
DELISTED
CST Brands, Inc.
CST
$89.4M 7%
3,000,000
+1,000,000
+50% +$31.3M
EGL
6
DELISTED
Engility Holdings, Inc.
EGL
$80.2M 6.28%
2,527,478
-138,961
-5% -$4.52M
GCVRZ
7
DELISTED
Sanofi Contingent Value Rights
GCVRZ
$63M 4.93%
31,179,637
-89,450
-0.3% -$170K
CCO icon
8
Clear Channel Outdoor Holdings
CCO
$1.21B
$27.5M 2.15%
3,354,390
– –
MANT
9
DELISTED
Mantech International Corp
MANT
$24.8M 1.94%
860,920
-906,410
-51% -$25.5M
RBS.PRR
10
DELISTED
Royal Bank of Scotland Group Plc (The) ADR repstg USD Pfd Sh
RBS.PRR
$2.32M 0.18%
115,305
– –
RBS.PRP
11
DELISTED
Royal Bank of Scotland Group Plc (The) ADR representing Pref
RBS.PRP
$1.18M 0.09%
57,380
– –
AIZ icon
12
Assurant
AIZ
$14B
– –
-1,500,000
Closed -$76.4M
TEVA icon
13
Teva Pharmaceuticals
TEVA
$43.5B
– –
-2,561,269
Closed -$100M
DELL
14
DELISTED
DELL INC
DELL
– –
-15,000,000
Closed -$200M
BMC
15
DELISTED
BMC SOFTWARE, INC
BMC
– –
-1,230,000
Closed -$55.5M

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David Abrams's Q3 2013 Portfolio in Review

As of Q3 2013, David Abrams held 15 positions worth $1.28B, down 26% from $1.73B the previous quarter. Its ten largest holdings account for 100% of the portfolio.

David Abrams withdrew a net $562M in Q3 2013, closing 4 positions and reducing 5 holdings. Its most notable exit was DELL INC, an estimated $200M position sold in full.

By sector, the portfolio is most concentrated in Financials at 63% of assets, up from 54% a quarter earlier, followed by Industrials and Consumer Discretionary.

Against the trend, David Abrams added an estimated $31.3M to CST Brands, Inc..

  • David Abrams added most to CST Brands, Inc. in Q3 2013, an estimated $31.3M increase.
  • David Abrams's biggest Q3 2013 reduction was SLM Corp, cutting an estimated $124M.
  • David Abrams fully exited DELL INC in Q3 2013, selling an estimated $200M.
  • David Abrams's ten largest holdings make up 100% of its $1.28B portfolio in Q3 2013.
  • David Abrams opened 0 new positions and closed 4 in Q3 2013.
  • David Abrams's portfolio value fell 26% quarter-over-quarter to $1.28B.

Based on Abrams Capital Management's 13F filing for Q3 2013, filed 13 Nov 2013.